Vietnam's major developer Sunshine targets 34% profit hike in 2026 as expansion drive accelerates

Sunshine Group JSC (HNX: KSF) has set an ambitious 2026 business plan as the Vietnamese property developer accelerates expansion through acquisitions and project development.

According to documents released ahead of its 2026 AGM slated for April 11, the company targets VND40 trillion ($1.52 billion) in revenue, nearly double year-on-year, and VND15 trillion ($569.26 million) in pre-tax profit this year, up nearly 34%.

If successful, Sunshine will be one of the most profitable listed property developers, behind Vingroup’s housing arm Vinhomes (HoSE: VHM).

The company also plans to pay a 17% stock dividend for 2025, equivalent to issuing up to 153 million new shares.

To support growth, Sunshine said it will step up M&A activity, focusing on key projects and companies. The group plans to acquire a controlling stake of over 50% in Big Gain Investment and Bach Giang DCI Construction Investment, while investing in the Cam Dinh-Hiep Thuan ecological urban project in Hanoi.

It is also seeking to take over major real estate assets, including a mixed-use complex in the Nam Thang Long urban area in Hanoi, as well as projects in Ho Chi Minh City and Dong Nai province (both in southern Vietnam), in a bid to expand its land bank in high-growth locations.

Sunshine aims to develop around 20,000 housing units, targeting end-user demand, particularly among younger urban residents and white-collar workers.

Beyond property, the group said it will continue investing in its broader ecosystem spanning technology, finance, and education.

The company is also planning to transfer the listing of its shares from the Hanoi Stock Exchange to the Ho Chi Minh City Stock Exchange (HoSE), in a move aimed at improving liquidity and attracting a wider investor base.

In 2025, Sunshine reported revenue of more than VND20.2 trillion ($766.6 million) and pre-tax profit of over VND11.2 trillion ($425.05 million), up more than eightfold and elevenfold, respectively, from a year earlier.

The jump was largely driven by the consolidation of Sunshine Homes after a share swap deal completed last October.

As of end-2025, total assets rose to nearly VND119.58 trillion ($4.54 billion), roughly six times higher than at the start of the year. Liabilities surged to over VND99.78 trillion ($3.79 billion), up nearly 630%. Owner’s equity hit VND19.8 trillion ($751.39 million), up 187%.

KSF shares ended up 3.66% to VND85,000 ($3.23) each on Wednesday.